GFI Sues Ex-Trainee Broker Over Confidential Data E-Mails

By Andrea Tan -
Sep 10, 2013

GFI Group Inc. (GFIG) sued a former
trainee broker in Singapore for e-mailing data to himself before
informing the company that he planned to quit and join a rival.

Thomas Lee Jong Hyuk “surreptitiously” sent sensitive
details from his work e-mail to a personal account from May 24
to July 2, the Singapore unit of GFI, which arranges trades
between banks, said in a lawsuit filed in the city’s high court.
The details included trading activity of GFI’s Asian currency
derivatives and client contacts, the company said.

Interdealer brokers have sued each other over the poaching
of staff, as well as employees for violating hiring agreements
when they defect. Lee, who worked on GFI’s Korean won
derivatives desk, told the firm on July 3 that he was quitting
and planned to join ICAP Plc (IAP), according to the lawsuit filed
July 5. Lee joined New York-based GFI in Singapore in March on a
minimum two-year contract.

Lee hasn’t filed his defense and didn’t reply to two e-mails today and yesterday seeking comment. Patricia Gutierrez, a
GFI spokeswoman, declined to comment on the lawsuit.

“I can swear I don’t have any other bad intention,” Lee
said in an e-mail to GFI on July 9 that was cited in the
broker’s court filings. “I didn’t forward the files to
others.”

Unspecified Damages

Lee said he sent the files to himself to review so he could
provide better service to clients, according to the e-mails
cited by GFI.

GFI terminated Lee’s contract on July 5 and filed a
complaint with Singapore police the same day. It is seeking
S$110,212 ($87,000) from Lee for quitting without giving notice
and other unspecified damages.

“I am concerned that Thomas could have been forwarding the
confidential information with the intention of sharing it with
ICAP,” John Darby, GFI’s head of legal and compliance in
Singapore, said in court filings. “The consequences of this are
serious.”

The case “is a matter between GFI and their ex-employee,”
ICAP spokeswoman Serra Balls said. “The person is not and has
never been employed by ICAP.”